The repercussions of the economic blockade, three months after it was imposed by Saudi Arabia and its allies, have declined revealing a stronger and economically independent Qatar, SAK Holding Group said in its latest report.
The report, which was issued by the group’s Market Watch Bureau, said all sectors witnessed “tremendous development.”
Workshops covering the infrastructure, real estate, construction and industrial sectors, petrochemicals, steel, cement, fertilisers, tourism, and financial and banking sectors, including those related to food and medicine security were held to further Qatar’s pioneering path of diversifying sources of income to achieve self-sufficiency and reduce dependence, the report said.
SAK Holding Group CEO Abdulrahman al-Najjar said the blockade did not have any impact on the country’s construction sector. He noted that imports from siege countries are less than 25% and have been replaced with different sources through Hamad Port.
“Qatar has already bypassed this issue by holding several agreements to open new freighter routes to Hamad Port, one of the largest sea ports in the Middle East, in addition to all other import facilities.
“Construction and real estate sector plans will continue. All projects will continue, especially major projects connected with the 2022 FIFA World Cup. The government will continue to allocate the required funds for these projects as per stated schedules,” al-Najjar said.
The report said several “serious initiatives” were launched to push the cement industry to the forefront and to boost production to supply the requirements of the local market. This also included initiatives to increase the types of locally-made cement and improve quality by holding strategic partnerships with global cement corporations.
Citing economy experts from Bloomberg, the report said Qatar was able to absorb the economic shock of the siege. A survey involving 10 economists revealed that Qatar’s GDP growth rate is expected to reach 3.2% next year.
According to the report, Citigroup Middle East chief economist Farouk Sousse expects the negative repercussions of the siege “to evaporate by next year.”
“[Sousse] also added that commercial tracks will be fully-realigned, and that confidence will be restored and building will begin again. All of this will take place even if the siege continues because the economy adapted,” the report said.
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